Gold, silver markets to suffer major setback as lockdown encompasses Akshay Tritiya

The Agra division is a big hub of the bullion business. Every month, Gold and Silver worth crores are traded in Agra and Mathura districts. Buying gold on Eid, Diwali, Akshay Tritiya, and other festivals is considered auspicious but presently, this business is on the verge of a serious breakdown owing to the novel coronavirus outbreak.

The closure of the bullion business during the nationwide lockdown has affected the lives of twenty thousand people engaged in this business. Over 1,500 businessmen are facing an uncertain future because they are unable to open their stores due to the lockdown.

Nawab Salman Khan, linked with the bullion business told India Today that the biggest demand for gold coins and jewelry is around Eid, Diwali, and other important festivals. Besides the festivals, the wedding season also witnesses a spike in the demand for jewelry. Business of over Rs 300 crores is transacted during the wedding season, but this season will not be the same as the lockdown is going to continue till May 3 and it will take even more time for business to return to normalcy.

Agra and Mathura are the bulk markets of Silver. Every day, these towns record the sale of silver amounting to lakhs of rupees. Anklets are extensively sold in this region. The craftsmen that create these anklets are now sitting jobless at home. Bullion trader Anurag Bansal said that the bullion sector will suffer a massive blow this time around since India’s biggest gold-buying festival, Akshay Tritiya is on April 26, in the middle of the extended nationwide lockdown.

Nitesh Agarwal, a jeweler said that in any year, gold and silver worth Rs 100-150 crore was sold on Akshay Tritiya, but the market will be closed this year so this is a clear loss of at least 100 crores for the bullion business.